Alibaba misses revenue expectations in quarterly results

The Chinese retail giant revealed that core ecommerce revenues for the three months to September grew 56 per cent to 72.48 billion yuan (£8 billion), accounting for around 84 per cent of total revenues.

Although this comes ahead of Singles Day, the shopping event which eclipses Amazon’s Black Friday and earned Alibaba $25 billion in sales last year, factors like the imminent departure of its founder Jack Ma and tensions over a looming trade war with the US have impacted sales.

Singles Day will take place on November 11, with promotions for the event already beginning to surface across Alibaba’s various platforms.